RITES enters contract with National Railways of Zimbabwe for Rolling Stock; stock climbs ~4%

16 Jun 2023 , 02:52 PM

RITES Limited has recently signed contract agreements with the National Railways of Zimbabwe (NRZ) to provide rolling stock.

The contract is valued at USD 81,175,500 (approx. Rs 665 crore). However, the contract agreements are subject to the approval of funds by the funding agency.

The order includes the supply of 3000 HP Diesel Electric Locomotives and High-Sided Open Wagons.

Following this development, RITES was trading 4.35% higher at Rs 394.80, against the previous close of Rs 378.35 on NSE.

RITES is a prominent company in India’s transport consultancy and engineering industry. It has a wide geographical coverage and offers a diverse range of services in various sectors, including railways, urban engineering such as metros and sustainability, highways, ropeways, airports, ports, inland waterways, renewable energy, and institutional buildings.

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